Q2 2026 Quarterly Outlook

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KPMG reports on major accounting and financial reporting developments that could affect companies in the current period or near term. This issue highlights evolving tariff‑related developments and practice issues, recent SEC proposals, a refreshed FASB agenda and more.

All companies

A shifting regulatory backdrop defined the quarter as the SEC issued a flurry of proposals, signaling a more active rulemaking posture for the remainder of the year. While the proposals vary in scope, each could represent a meaningful shift for affected issuers, with potential implications for reporting frequency, disclosure requirements, internal control oversight and transaction readiness.
The FASB issued two accounting standards, including guidance on the accounting for environmental credits and credit obligations through the creation of ASC 818.
In addition, the FASB made measured progress in reshaping its technical agenda, voting to add several new projects informed largely by stakeholder outreach and advisory group input. Together, these actions signal that the FASB is in a mode of selective standard-setting focused on targeted improvements instead of fundamental reform.
Meanwhile, the refund landscape for IEEPA‑related tariffs continues to evolve amid ongoing legal and administrative developments. While refund processing has begun for certain claims, uncertainty persists regarding the scope of eligible claims and the timing of ultimate recovery. These developments are driving the need for significant judgment related to the timing of refund recognition as well as considerations related to financial statement presentation and related disclosures.